In the past, credit union members had to sign all documentation by hand. Then came the The Electronic Signatures in Global and National Commerce Act (ESIGN Act) of 2000, which authorized individuals to use electronic signatures on legally binding contractual agreements.
Simply put, the ESIGN Act has made everyone’s lives easier.
Instead of having to print out a contract, sign it by hand, and rescan it, the whole process can be facilitated electronically—saving precious paper, ink, postage, courier costs, and time.
That said, not every credit union has adopted eSign quite yet.
If your credit union is thinking about implementing eSignatures, here are some of the common questions you may have as you narrow down your options and make your ultimate decision.
1. What is eSign and what are its main features?
eSign technology enables credit union members and employees to digitally sign legally binding documents.
Instead of sending documents through the mail, signing them in person, or printing, signing, and rescanning them, eSign lets members and employees add their digital signatures to documents in a matter of seconds.
2. How does eSign benefit credit union members?
With eSign, credit union members are able to sign documents quickly and efficiently.
Whether they’re opening an account, applying for a loan, or adding an authorized user to their account, the process becomes much faster. And in today’s action-packed, fast-paced world, who couldn’t use a little more time?
Of course, in a pandemic-stricken world, eSign also enables members to take care of critical banking needs remotely, improving the health and safety of the surrounding community.
3. How does eSign benefit credit union employees?
eSign allows credit union employees to do their jobs more effectively and eliminates tedious routine processes that tend to make work boring. This, in turn, increases employee satisfaction, engagement, and retention.
What’s more, eSign also enables employees to ditch unnecessary in-person meetings and facilitate important transactions virtually. As a result, they are able to reclaim significant chunks of their work days and focus on other important areas of operations.
4. How does eSign benefit credit unions?
From the credit union’s point of view, eSign delivers significant benefits.
For starters, transactions are completed much faster, which means employees can do more in less time. With eSign, it is also possible to expand your member base and target a wider geographical area because members don’t necessarily have to stop by your brick-and-mortar location to do business with you.
In addition, eSign also increases the accuracy of the data, forms, and documentation you collect. For example, when the process is done manually, a member might write down the wrong address or an employee might input an address incorrectly as they add it to your system.
Add it all up, and eSign can help credit unions save time and money and improve the member experience—a true win-win scenario.
5. How does eSign contribute to an overall digital transformation?
Like organizations in all other industries, credit unions find themselves in the middle of a digital transformation journey. By investing in eSign technology, that journey is only accelerated.
Suffice it to say that the average credit union uses a lot of ink and paper every year. By investing in eSign solutions, credit unions can cut their paper and ink budgets considerably, not to mention drastically reducing postage and courier costs. All these savings increase their margins and in doing so, are building a more sustainable future.
At the same time, in the modern age of Amazon, social networks, and remote work, eSign will also meet your members’ expectations of what banking should feel like!
It’s time to embrace the power of eSign.
If your credit union has yet to witness the power of eSignatures firsthand, you’re long overdue for an overhaul.
Not only will eSign make things easier for your members and your employees, but it will also help you maximize your margins.
To learn more about how eSign technology can transform your credit union and enable you to deliver more value to your members, check this out.